As of September 8, 2026 at 9 a.m. Eastern Time, oil traded at $99.85 per barrel using the Brent benchmark, up 79 cents from the previous morning and more than $33 higher over the past year. Oil prices depend primarily on supply and demand, but factors such as economic downturn threats or armed conflicts can cause rapid shifts in the market. Crude oil accounts for more than half the price at the gas pump, meaning any surge in oil prices directly impacts consumers. The U.S. maintains a Strategic Petroleum Reserve for emergencies and supply shocks, while the EU has its own coordination mechanisms. Historically, oil has experienced significant volatility tied to wars, global recessions, OPEC decisions, and shifting energy policies.
Source: Read the original article
